BitNewsBot - 11/8/2019 9:02:59 PM - GMT (+0 )
According to the CEO of Ripple, the vast majority of cryptocurrencies will fail, with only a few key projects succeeding.
In a recent interview with Bloomberg, Brad Garlinghouse, the CEO of Ripple, the company behind the XRP cryptocurrency, the vast majority of cryptocurrencies will not have a future. Garlinghouse believes that only projects solving actual problems will survive.
“I have said publicly before that I think 99% of cryptocurrency probably goes to zero, but there is that 1% where I think it’s focused on solving a real problem for real customers and is able to do that at scale and that’s going to be game-changing and I think is going to continue to grow significantly in the decades ahead.”
At recently as 2016, Bitcoin held over 90% of market dominance among cryptocurrencies. This changed dramatically over the next two years, with its percentage of total cryptocurrency valuation sinking below 33% in January of 2018. Since then, however, many of its fellow projects have declined significantly in valuation, leading to a Bitcoin dominance level of 66.8% at time of writing, including a dominance decline of Ripple’s XRP token from a high of 17.63% to 5.1% at time of writing.
Dash exhibits strong long-term fundamentals
When measuring the potential for long-term project viability, Dash performs well across several metrics. In terms of network hashrate, which represents infrastructural investment in the project, Dash has experienced consistent gains over the last year, even as competing projects stalled or even dropped in correlation with lowered market prices. A similar picture can be seen when looking at the masternode count, which has increased over the last year and even reached a new all-time high several months ago as investment in the network and currency remains strong.
Additionally, usage metrics display an ongoing increase, particularly in comparison with other competitors. As recently pointed out Dash Core Group’s CEO Ryan Taylor, real economic transactions have grown by 178% annually, while other similar projects have experienced usage stagnation or even a decline in transaction counts. This has been echoed by active address counts, which have continued to grow in excess of those of top payment coins, recently eclipsing Litecoin consistently. These are echoed by social media and community statistics, which rank Dash in the top in activity among masternode coins (which has been shown to correlate with price), and which place Dash at a significant 47% of eToro’s Twitter sentiment-based portfolio.
Finally, Dash has implemented several key developmental improvements to vastly improve the user experience as well as network security. Earlier this year, Dash implemented InstantSend by default, locking every single transaction instantly, as well as allowing them to be instantly respent. This creates a currency and payments system with frictionless instant permanent settlement. Additionally, Dash has also implemented ChainLocks, which secures the network against 51% mining attacks, making Dash arguably the most secure decentralized cryptocurrency.